(b) Explain how the tuition fees of $8000 should be treated in the revised financial statements ofMN Drama Club. Support your answer with reference to the relevant accounting concept. [4

Q&AGraded AssessmentsKindly note that the below-given questions are graded. Question 1/3MandatoryFinancial StatementsA company pays advertising expenses of $50,000 every month. Which of the following financial statements would be directly impacted due to this financial event?Cash flow statement and balance sheetBalance sheetCash flow statement and income statementBalance sheet and income statement

The Expenses section of an income statement includes which of the following? Group of answer choicesthe amounts of prepaid utility fees and allowancesoutflows related to the accounting period and expenses that were incurred in the process of producing revenuedepreciation and interest incomeinflows related to the accounting period and expenses that were incurred in the process of producing revenue

Repayments of $1000 per month on the 10-year loan taken to finance the warehouse is  ____ cost, which should _____ in the capital budgeting analysis if the project is to use this warehouse as the storage facility.  Group of answer choicesan overhead expense, be includeda financing cost, not be includeda sunk cost, not be includedan opportunity, be included

Which part of a financial aid letter shows the typical expenses for going to that school?A.Net worthB.Expected family contributionC.Net costD.Cost of attendanceSUBMITarrow_backPREVIOUS

QUESTION TWO (30 marks)A Sports Club has the following transactions for the year ended March 31, 2023.$Refreshment purchases 6,000Refreshment takings 35,000Subscription received for the year 39,000Life membership fee received for the year 30,000Rent and rates 4,500Refreshment stocks as at April 1, 2022 3,000Refreshment stocks as at March 31, 2023 2,000Equipment at cost 40,000Lighting and heating 1,500Donations for the year 2,000Advertising and promotion 2,500Wages and salaries 11,100Cash and bank 37,800Furniture at cost 17,500Accumulated depreciation of Furniture as at April 1, 2022 2,500Accumulated fund as at April 1, 2022 12,900Creditors for refreshment supplies 2,500Additional information needs to be considered:1. Subscription for the year has not yet received as at March 31, 2023: $1,000.2. Provide depreciation for equipment and furniture on straight-line basis. Their usefullives assume 5 years and residual value at the end of useful lives will be $5,000 each.3. Not yet paid wages of $900 as at March 31, 2023.4. Life membership assumes 10 years.Required:Use the above information to prepare:(a) Refreshment Profit and Loss account for the year ended March 31, 2023.(3.5 marks)(b) Income and Expenditure Account for the year ended March 31, 2023. (14 marks)(c) Balance Sheet as at March 31, 2023. (12.5 marks)